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03-12-07 Item 7D, Resolution 07-34 Final Plat at Lake Johanna Woods
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03-12-07 Item 7D, Resolution 07-34 Final Plat at Lake Johanna Woods
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3/9/2007 4:25:23 PM
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03-12-07 Item 7D, Res 07-34
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Agenda Item
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3/12/2007
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<br />ADDENDUM <br /> <br />Borrower: <br />Property Address: xxxx lake Johanna Boulevard <br />City: Arden Hills <br />Lender: Private Party _ <br /> <br />File No.: 00031773 <br />Case No.: <br /> <br />State: MN <br /> <br />Zip: 55112-3669 <br /> <br />Neighborhood Comments <br />The subject property is located in the suburban community of Arden Hills which is located approximately eight miles to the North of the <br />downtown employment area. Good freeway access is provided by 1-694. Arden Hills is a popular suburban community with good market <br />appeal. Per the 2000 Census, Arden Hills has a population of 9,652 and a total of approximately 3,017 housing units. There is some new <br />construction in the community but it is very limited. Almost the entire northern half of Arden Hills is currently occupied by a former munitions <br />complex. The City has recently acquired a good portion of this land and is in the process of planning for a mix of residential and commercial <br />use in this area. Arden Hills currently has a mix of office/light industrial with some commercial uses but consists primarily of residential <br />properties. There are parks throughout the community as well as some small lakes, good access to local schools. <br /> <br />Site Comments <br />The subject is an interior lot with frontage along the south side of Lake Johanna Boulevard, a local thoroughfare. The site slopes down from <br />the road and is low in the center. To the immediate north of the site across Lake Johanna Boulevard is a single family home, to the west is a <br />single family home, to the immediate east is another vacant lot and south is a detached, single family homes. The subject site has at least a <br />partial view of Lake Johanna. <br /> <br />The existing low land (the proposed ponding easement area), encumbers a significant portion of the site, limiting the overall use of the site. <br /> <br />The purpose of this appraisal is twofold. First. the value of the subject site as a single family, vacant lot will be estimated. Secondly, the <br />value of the permanent easement acquired by the City of Arden Hills for drainage (ponding) purposes will be calculated on a "per square foot <br />basis", based on the estimated value of the subject lot. <br /> <br />Comments on Sales Comparison <br />The subject property is a single family site at the southwest comer of Lake Johanna Boulevard and Siems Court. <br />Comparable sale data for recent, vacant single famiiy sites in Arden Hills is very limited, The sales cited are the most recent <br />sales found after an extensive search of MLS records, tax reports, and interviews with the Arden Hills Building Inspector and <br />City Planner. <br /> <br />Saie one is the most recent site sale found. It is located approximateiy one mile to the northwest of the subject, just to the <br />south of the intersection of County Road E2 and New Brighton Road. It is in a primarily residential neighborhood of various <br />age and style homes. An older home had been on the site, but was torn down to create a vacant site for a new home, The <br />site has frontage along the west side of New Brighton Road, a neighborhood thoroughfare. It is well wooded throughout, <br />slopes down at the rear to a wooded ravine, beyond which is an office building and then Highway 35W. The topography and <br />tree cover, limit the impact of the office building and highway. Please note, it appears that a roadway was piatted to run along <br />the west end of the site, however this road was never constructed, presumably because of the deep ravine running through <br />this general area. A new home is currently under construction on this site. <br /> <br />Sale two is located in a residential neighborhood just to the west of Snelling Avenue, Valentine Lake and Bethel College. <br />This lot was created out of a split from an adjacent home site. It remained unimproved as of the date of appraisal. It has <br />frontage along the Valentine Court cul-de-sac. It is well wooded throughout, slopes down to the east, to Snelling Avenue, a <br />local thoroughfare, Due to the high elevation and tree cover, Snelling Avenue has minimal impact on the site. The proximity <br />to Snelling Avenue is also offset by the view of Valentine Lake from the high building pad on the site. <br /> <br />Sale three Is located in a residential neighborhood along the Dawn Circle cul-de-sac. It slopes upward from the road and has <br />some tree cover. It backs up to Floral Park, a small, city nature and recreational park with heavy tree cover. A new home <br />has been constructed on this site. <br /> <br />Sale four Is a relatively dated saie, having taken place in November of 2002, but it is cited due to good proximity to the <br />subject site. This sale is located along the west side of Lake Johanna, along the west side of Lake Johanna Boulevard. <br />Many of the homes along this stretch of Lake Johanna Boulevard have narrow take frontage access points aiong the lake. <br />This site only has access to the lake in the fonm of a small deeded access piece, owned with several other properties in this <br />area. This site is generally open, with minimal tree cover, but does have a good view of Lake Johanna. <br /> <br />After reasonable adjustments for significant variance in lot size, view amenity, tree coverage and street location, and low <br />land, a telling range results. Together the com parables cited give a good indication of generally site values in Arden Hills. <br /> <br />Condition of Appraisal Comments <br />THIS IS A SUMMARY APPRAISAl REPORT. The signature on this report is an electronic signature. <br /> <br />DIGITAL SIGNATURE & ELECTRONIC TRANSMISSION COMMENTS: <br /> <br />Addendum Page 1 of 2 <br /> <br />
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